FBI agents on Thursday raided the offices of Solyndra, the Obama administration's flagship alternative energy grantee that the president had hailed as an example of a company that would provide well-paying jobs while helping to point the country to a future less dependent on foreign oil.
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"The FBI is still on the site at this time and is executing a search warrant of Solyndra's Freemont facility in conjunction with the Department of Energy's Office of the Inspector General," an FBI spokeswoman told TPM.
The raid comes at an awkward moment for President Obama, who is scheduled to deliver a major speech on jobs and the economy Thursday evening. Solyndra laid off more than a thousand workers at its Fremont, Ca. facility, after receiving more than half a billion dollars in a loan guarantee from the Department of Energy. The company has been running into trouble over the past year or so, pulling out of a planned initial public offering, and refinancing its debt, but it did not indicate the extent of its troubles until it abruptly declared bankruptcy last week.